G4S bolstered its defences against suitors from Canada and the US by saying it will report increased profits for 2020 despite the coronavirus pandemic.
Bosses at the security group are fighting to fend off a hostile takeover bid from the world’s largest private security firm Garda World, which has offered 190p-per-share, or £3billion.
G4S has also been approached by American rival Allied Universal.
G4S bosses are fighting to fend off a hostile takeover bid from the world’s largest private security firm Garda World, which has offered 190p-per-share, or £3bn
Yesterday the firm posted ‘robust’ results, saying it will improve on last year’s £27million pre-tax profit despite revenues dropping 2 per cent.
It boasted it had retained and won contracts, handing it annual revenues of £2billion, and that the results, covering the nine months to September 30, ‘demonstrated the strength of the business’.
Chief executive Ashley Almanza said: ‘The benefits of our strategy, strong execution and rapid response to Covid-19 continue to be reflected in the results during 2020.’
Garda World hit back saying the update ‘conceals more than it reveals’.
A spokesman added: ‘G4S congratulates itself for ‘retaining new contracts’ but makes no mention of the quantum of contract losses.’
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